| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| |
Shares |
|
Value |
| COMMON STOCKS† - 13.0% |
| Technology - 3.1% |
| Apple, Inc.1 |
11,000 |
|
$ 2,442,880 |
| NVIDIA Corp.1 |
20,000 |
|
2,340,400 |
| Micron Technology,
Inc. |
20,000 |
|
2,196,400 |
| Advanced
Micro Devices, Inc.* |
15,000 |
|
2,167,200 |
| Broadcom,
Inc.1 |
13,000 |
|
2,088,840 |
| International
Business Machines Corp.1 |
10,000 |
|
1,921,400 |
| Total Technology |
|
|
13,157,120
|
| Consumer, Non-cyclical - 3.1% |
| AbbVie,
Inc.1 |
20,000 |
|
3,706,400 |
| Organon
& Co.1 |
125,000 |
|
2,732,500 |
| Zoetis,
Inc.1 |
15,000 |
|
2,700,600 |
| Humana,
Inc.1 |
6,000 |
|
2,169,660 |
| Block, Inc.
— Class A*,1 |
20,000 |
|
1,237,600 |
| Sarepta
Therapeutics, Inc.*,1 |
4,000 |
|
568,960 |
| Total Consumer, Non-cyclical |
|
|
13,115,720
|
| Consumer, Cyclical - 2.2% |
| Home Depot,
Inc.1 |
14,000 |
|
5,154,240 |
| MGM Resorts
International*,1 |
65,000 |
|
2,793,050 |
| Royal Caribbean
Cruises Ltd.*,1 |
9,500 |
|
1,488,840 |
| Total Consumer, Cyclical |
|
|
9,436,130
|
| Communications - 2.2% |
| Amazon.com,
Inc.*,1 |
20,000 |
|
3,739,600 |
| Alphabet,
Inc. — Class C1 |
20,000 |
|
3,463,000 |
| Verizon
Communications, Inc.1 |
55,000 |
|
2,228,600 |
| Total Communications |
|
|
9,431,200
|
| Energy - 1.1% |
| Enphase
Energy, Inc.*,1 |
20,000 |
|
2,302,200 |
| Chevron
Corp.1 |
14,000 |
|
2,246,580 |
| Total Energy |
|
|
4,548,780
|
| Industrial - 0.8% |
| General
Electric Co.5 |
12,000 |
|
2,042,400 |
| United Parcel
Service, Inc. — Class B |
10,000 |
|
1,303,700 |
| Total Industrial |
|
|
3,346,100
|
| Financial - 0.5% |
| Chubb
Ltd.5 |
8,000 |
|
2,205,280 |
| Total Common Stocks |
|
|
| (Cost $49,367,682) |
|
|
55,240,330
|
| CONVERTIBLE PREFERRED STOCKS† - 5.4% |
| Financial - 2.7% |
| Bank of America Corp. |
| 7.25%1 |
6,425 |
|
7,690,789 |
| Wells Fargo & Co. |
| 7.50%1 |
2,165 |
|
2,603,954 |
| Apollo Global Management, Inc. |
| 6.75%
due 07/31/261 |
16,458 |
|
1,124,575 |
| Total Financial |
|
|
11,419,318
|
| Basic Materials - 1.1% |
| Albemarle Corp. |
| 7.25%
due 03/01/271 |
104,161 |
|
4,658,080 |
| Utilities - 0.9% |
Next Era
Energy, Inc.
7.30%
due 06/01/251
|
40,000 |
|
2,082,000 |
6.93% due 09/01/251 |
37,812 |
|
1,675,261 |
| Total Utilities |
|
|
3,757,261 |
| Industrial - 0.6% |
| Chart Industries, Inc. |
| 6.75%
due 12/15/251 |
40,280 |
|
2,529,987 |
| Consumer, Non-cyclical - 0.1% |
| BrightSpring Health Services, Inc. |
| 6.75%
due 02/01/271 |
16,037 |
|
772,502 |
| Total Convertible Preferred Stocks |
|
|
| (Cost $22,796,221) |
|
|
23,137,148
|
| MONEY MARKET FUND***,† - 5.9% |
| Morgan Stanley
Institutional Liquidity Government Portfolio - Institutional Class, 5.22%1,2 |
24,877,443 |
|
24,877,443 |
| Total Money Market Fund |
|
|
| (Cost $24,877,443) |
|
|
24,877,443
|
| |
Face
Amount~ |
|
Value |
| CONVERTIBLE BONDS†† - 69.5% |
| Technology - 15.8% |
|
|
|
| Super Micro Computer, Inc. |
|
|
|
| due
03/01/291,3,4 |
6,865,000 |
|
6,512,588 |
| Zscaler, Inc. |
|
|
|
| 0.13%
due 07/01/251 |
4,855,000 |
|
6,217,779 |
| Akamai Technologies, Inc. |
|
|
|
| 1.13%
due 02/15/291,3 |
2,756,000 |
|
2,754,379 |
| 0.38%
due 09/01/271 |
2,357,000 |
|
2,404,514 |
| MicroStrategy, Inc. |
|
|
|
| due
02/15/271,4 |
1,997,000 |
|
2,649,296 |
| 2.25%
due 06/15/321,3 |
1,125,000 |
|
1,184,564 |
| ON Semiconductor Corp. |
|
|
|
| 0.50%
due 03/01/291 |
3,516,000 |
|
3,638,058 |
| Western Digital Corp. |
|
|
|
| 3.00%
due 11/15/281,3 |
2,482,000 |
|
3,623,344 |
| MongoDB, Inc. |
|
|
|
| 0.25%
due 01/15/261 |
2,487,000 |
|
3,307,088 |
| Evolent Health, Inc. |
|
|
|
| 3.50%
due 12/01/291,3 |
3,031,000 |
|
3,016,603 |
| MKS Instruments, Inc. |
|
|
|
| 1.25%
due 06/01/301,3 |
2,430,000 |
|
2,572,155 |
| HubSpot, Inc. |
|
|
|
| 0.38%
due 06/01/251 |
1,366,000 |
|
2,417,137 |
| SK Hynix, Inc. |
|
|
|
| 1.75%
due 04/11/301 |
1,400,000 |
|
2,397,850 |
| Five9, Inc. |
|
|
|
| 1.00%
due 03/15/291,3 |
2,507,000 |
|
2,274,718 |
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| |
Face
Amount~ |
|
Value |
| CONVERTIBLE BONDS†† - 69.5% (continued) |
| Technology - 15.8% (continued) |
|
|
|
| Microchip Technology, Inc. |
|
|
|
| 0.75%
due 06/01/301,3 |
2,092,000 |
|
$2,106,539 |
| Nutanix, Inc. |
|
|
|
| 0.25%
due 10/01/271 |
1,845,000 |
|
2,034,257 |
| Bentley Systems, Inc. |
|
|
|
| 0.13%
due 01/15/261 |
2,001,000 |
|
1,979,578 |
| STMicroelectronics N.V. |
|
|
|
| due
08/04/271,4 |
1,800,000 |
|
1,808,670 |
| Wolfspeed, Inc. |
|
|
|
| 1.75%
due 05/01/261 |
1,433,000 |
|
1,238,112 |
| 1.88%
due 12/01/291 |
1,027,000 |
|
520,113 |
| Datadog, Inc. |
|
|
|
| 0.13%
due 06/15/251 |
1,239,000 |
|
1,649,109 |
| Lumentum Holdings, Inc. |
|
|
|
| 1.50%
due 12/15/291 |
1,653,000 |
|
1,637,811 |
| Gigabyte Technology Company Ltd. |
|
|
|
| due
07/23/291,4 |
1,400,000 |
|
1,403,500 |
| Seagate HDD Cayman |
|
|
|
| 3.50%
due 06/01/281,3 |
984,000 |
|
1,339,224 |
| Wiwynn Corp. |
|
|
|
| due
07/17/291,4 |
1,100,000 |
|
1,070,630 |
| GlobalWafers CO., LTD. |
|
|
|
| 1.50%
due 01/23/291 |
EUR 900,000 |
|
946,620 |
| Box, Inc. |
|
|
|
| due
01/15/261,4 |
759,000 |
|
897,621 |
| Xero Investments Ltd. |
|
|
|
| 1.63%
due 06/12/311 |
841,000 |
|
880,948 |
| Dropbox, Inc. |
|
|
|
| due
03/01/281,4 |
845,000 |
|
794,457 |
| Lenovo |
|
|
|
| 2.50%
due 08/26/291 |
581,000 |
|
755,445 |
| CyberArk Software Ltd. |
|
|
|
| due
11/15/241,4 |
400,000 |
|
652,380 |
| Rohm Company Ltd. |
|
|
|
| due
04/24/311,4 |
JPY 60,000,000 |
|
398,179 |
| Total Technology |
|
|
67,083,266 |
| Consumer, Cyclical - 11.9% |
|
|
|
| Carnival Corp. |
|
|
|
| 5.75%
due 12/01/271 |
4,430,000 |
|
6,699,821 |
| Rivian Automotive, Inc. |
|
|
|
| 4.63%
due 03/15/291 |
2,364,000 |
|
2,612,220 |
| 3.63%
due 10/15/301,3 |
2,644,000 |
|
2,571,290 |
| NCL Corporation Ltd. |
|
|
|
| 5.38%
due 08/01/251 |
4,108,000 |
|
4,850,521 |
| Meritage Homes Corp. |
|
|
|
| 1.75%
due 05/15/281,3 |
4,114,000 |
|
4,557,489 |
| Wynn Macau Ltd. |
|
|
|
| 4.50%
due 03/07/291,3 |
3,009,000 |
|
2,982,521 |
| Marriott Vacations Worldwide Corp. |
|
|
|
| 3.25%
due 12/15/271 |
3,230,000 |
|
2,973,215 |
| American Airlines Group, Inc. |
|
|
|
| 6.50%
due 07/01/251 |
2,175,000 |
|
2,212,370 |
| Ford Motor Co. |
|
|
|
| due
03/15/261,4 |
2,207,000 |
|
2,148,514 |
| Live Nation Entertainment, Inc. |
|
|
|
| 3.13%
due 01/15/291 |
1,700,000 |
|
1,932,135 |
| Amadeus IT Group S.A. |
|
|
|
| 1.50%
due 04/09/251 |
EUR 1,500,000 |
|
1,912,158 |
| Cathay Pacific Finance III Ltd. |
|
|
|
| 2.75%
due 02/05/261 |
HKD 14,000,000 |
|
1,882,617 |
| Royal Caribbean Cruises Ltd. |
|
|
|
| 6.00%
due 08/15/251 |
552,000 |
|
1,750,047 |
| H World Group Ltd. |
|
|
|
| 3.00%
due 05/01/261 |
1,680,000 |
|
1,719,875 |
| Winnebago Industries, Inc. |
|
|
|
| 3.25%
due 01/15/301,3 |
1,417,000 |
|
1,413,812 |
| DraftKings Holdings, Inc. |
|
|
|
| due
03/15/281,4 |
1,664,000 |
|
1,410,014 |
| ANA Holdings, Inc. |
|
|
|
| due
12/10/311,4 |
JPY 180,000,000 |
|
1,302,207 |
| Penn Entertainment, Inc. |
|
|
|
| 2.75%
due 05/15/261 |
1,072,000 |
|
1,191,280 |
| Pirelli & C SpA |
|
|
|
| due
12/22/251,4 |
EUR 1,000,000 |
|
1,165,455 |
| TUI AG |
|
|
|
| 1.95%
due 07/26/311 |
EUR 900,000 |
|
970,620 |
| Daiwa House Industry Company Ltd. |
|
|
|
| due
03/29/301,4 |
JPY 140,000,000 |
|
917,918 |
| Lucid Group, Inc. |
|
|
|
| 1.25%
due 12/15/261,3 |
1,271,000 |
|
806,450 |
| ANLLIAN Capital Ltd. |
|
|
|
| due
02/05/251,4 |
EUR 700,000 |
|
742,509 |
| Total Consumer, Cyclical |
|
|
50,725,058 |
| Consumer, Non-cyclical - 11.4% |
|
|
|
| Exact Sciences Corp. |
|
|
|
| 2.00%
due 03/01/301,3 |
6,600,000 |
|
6,102,776 |
| Sarepta Therapeutics, Inc. |
|
|
|
| 1.25%
due 09/15/271 |
4,453,000 |
|
5,384,848 |
| Dexcom, Inc. |
|
|
|
| 0.38%
due 05/15/281 |
5,675,000 |
|
4,970,975 |
| Global Payments, Inc. |
|
|
|
| 1.50%
due 03/01/311,3 |
4,260,000 |
|
4,047,000 |
| Insulet Corp. |
|
|
|
| 0.38%
due 09/01/261 |
3,516,000 |
|
3,805,191 |
| Shift4 Payments, Inc. |
|
|
|
| due
12/15/251,4 |
3,373,000 |
|
3,663,078 |
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| |
Face
Amount~ |
|
Value |
| CONVERTIBLE BONDS†† - 69.5% (continued) |
| Consumer, Non-cyclical - 11.4% (continued) |
|
|
|
| iRhythm Technologies, Inc. |
|
|
|
| 1.50%
due 09/01/291,3 |
2,987,000 |
|
$2,739,079 |
| Bridgebio Pharma, Inc. |
|
|
|
| 2.50%
due 03/15/271 |
2,517,000 |
|
2,568,823 |
| Enovis Corp. |
|
|
|
| 3.88%
due 10/15/281,3 |
1,733,000 |
|
1,879,438 |
| Alnylam Pharmaceuticals, Inc. |
|
|
|
| 1.00%
due 09/15/271 |
1,367,000 |
|
1,477,727 |
| Lantheus Holdings, Inc. |
|
|
|
| 2.63%
due 12/15/271 |
884,000 |
|
1,325,779 |
| Telix Pharmaceuticals Ltd. |
|
|
|
| 2.38%
due 07/30/291 |
AUD 1,800,000 |
|
1,239,787 |
| Elis S.A. |
|
|
|
| 2.25%
due 09/22/291 |
EUR 800,000 |
|
1,227,628 |
| Herbalife Ltd. |
|
|
|
| 4.25%
due 06/15/281 |
1,084,000 |
|
1,060,694 |
| Affirm Holdings, Inc. |
|
|
|
| due
11/15/261,4 |
1,179,000 |
|
1,002,739 |
| Jazz Investments I Ltd. |
|
|
|
| 2.00%
due 06/15/261 |
920,000 |
|
902,083 |
| Davide Campari-Milano N.V. |
|
|
|
| 2.38%
due 01/17/291 |
EUR 800,000 |
|
864,180 |
| Edenred SE |
|
|
|
| due
06/14/281,4 |
12,600** |
|
804,982 |
| Cytokinetics, Inc. |
|
|
|
| 3.50%
due 07/01/271 |
533,000 |
|
739,112 |
| Haemonetics Corp. |
|
|
|
| 2.50%
due 06/01/291,3 |
676,000 |
|
695,604 |
| Mirum Pharmaceuticals, Inc. |
|
|
|
| 4.00%
due 05/01/291 |
414,000 |
|
624,576 |
| OPKO Health, Inc. |
|
|
|
| 3.75%
due 01/15/291,3 |
421,000 |
|
536,733 |
| Insmed, Inc. |
|
|
|
| 0.75%
due 06/01/281 |
214,000 |
|
487,920 |
| Pacira BioSciences, Inc. |
|
|
|
| 2.13%
due 05/15/291,3 |
342,000 |
|
285,331 |
| Total Consumer, Non-cyclical |
|
|
48,436,083 |
| Communications - 10.5% |
|
|
|
| Wayfair, Inc. |
|
|
|
| 3.25%
due 09/15/271 |
7,323,000 |
|
8,521,043 |
| Uber Technologies, Inc. |
|
|
|
| 0.88%
due 12/01/281,3 |
6,378,000 |
|
7,124,226 |
| Alibaba Group Holding Ltd. |
|
|
|
| 0.50%
due 06/01/311,3 |
5,090,000 |
|
5,123,912 |
| Lyft, Inc. |
|
|
|
| 0.63%
due 03/01/291,3 |
5,148,000 |
|
4,848,380 |
| Zillow Group, Inc. |
|
|
|
| 1.38%
due 09/01/261 |
2,851,000 |
|
3,558,048 |
| Trip.com Group Ltd. |
|
|
|
| 0.75%
due 06/15/291,3 |
3,175,000 |
|
2,971,030 |
| Snap, Inc. |
|
|
|
| 0.50%
due 05/01/301,3 |
2,987,000 |
|
2,800,312 |
| Liberty Media Corp. |
|
|
|
| 3.75%
due 03/15/281 |
2,618,000 |
|
2,788,170 |
| Etsy, Inc. |
|
|
|
| 0.13%
due 10/01/261 |
1,719,000 |
|
1,783,772 |
| Palo Alto Networks, Inc. |
|
|
|
| 0.38%
due 06/01/251 |
444,000 |
|
1,451,079 |
| Booking Holdings, Inc. |
|
|
|
| 0.75%
due 05/01/251 |
491,000 |
|
968,807 |
| AMC Networks, Inc. |
|
|
|
| 4.25%
due 02/15/291,3 |
722,000 |
|
762,071 |
| Match Group Financeco 3, Inc. |
|
|
|
| 2.00%
due 01/15/301,3 |
815,000 |
|
723,883 |
| Kakao Corp. |
|
|
|
| 2.63%
due 04/29/291 |
700,000 |
|
673,190 |
| Ziff Davis, Inc. |
|
|
|
| 3.63%
due 03/01/281,3 |
481,000 |
|
448,066 |
| Total Communications |
|
|
44,545,989 |
| Financial - 8.5% |
|
|
|
| Barclays Bank plc |
|
|
|
| 1.00%
due 02/16/291 |
3,608,000 |
|
3,710,828 |
| 4.91%
due 05/07/271,3 |
30,394** |
|
3,348,203 |
| due
01/24/251,4 |
EUR 1,600,000 |
|
1,730,366 |
| Citigroup Global Markets Holdings Incorporated/United
States |
|
|
|
| 0.25%
due 03/22/281 |
2,969,000 |
|
2,905,463 |
| 3.75%
due 08/06/27 |
2,309,000 |
|
2,309,000 |
| 1.00%
due 04/09/291,3 |
EUR 1,400,000 |
|
1,488,427 |
| Coinbase Global, Inc. |
|
|
|
| 0.25%
due 04/01/301,3 |
3,619,000 |
|
3,588,239 |
| SoFi Technologies, Inc. |
|
|
|
| 1.25%
due 03/15/291,3 |
3,396,000 |
|
3,473,062 |
| GS Finance Corp. |
|
|
|
| 4.84%
due 06/17/271 |
3,409,000 |
|
2,786,176 |
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| |
Face
Amount~ |
|
Value |
| CONVERTIBLE BONDS†† - 69.5% (continued) |
| Financial - 8.5% (continued) |
|
|
|
| JPMorgan Chase Financial Co. LLC |
|
|
|
| 0.50%
due 06/15/271 |
1,049,000 |
|
$1,148,655 |
| due
04/29/251,4 |
EUR 800,000 |
|
1,084,007 |
| SBI Holdings, Inc. |
|
|
|
| due
07/25/311,4 |
JPY 260,000,000 |
|
1,785,059 |
| Ventas Realty, LP |
|
|
|
| 3.75%
due 06/01/261 |
1,483,000 |
|
1,614,987 |
| Ping An Insurance Group Company of China Ltd. |
|
|
|
| 0.88%
due 07/22/291 |
1,600,000 |
|
1,569,600 |
| Goldman Sachs Finance Corporation International Ltd. |
|
|
|
| due
03/15/271,4 |
1,000,000 |
|
1,079,800 |
| BofA Finance LLC |
|
|
|
| 0.60%
due 05/25/271 |
896,000 |
|
995,904 |
| BNP Paribas SA/New York NY |
|
|
|
| due
05/13/251,4 |
EUR 600,000 |
|
825,501 |
| COPT Defense Properties, LP |
|
|
|
| 5.25%
due 09/15/281,3 |
483,000 |
|
538,787 |
| Total Financial |
|
|
35,982,064 |
| Industrial - 4.2% |
|
|
|
| Bloom Energy Corp. |
|
|
|
| 3.00%
due 06/01/281 |
2,757,000 |
|
2,818,760 |
| Cellnex Telecom S.A. |
|
|
|
| 0.50%
due 07/05/281 |
EUR 1,500,000 |
|
1,680,374 |
| SPIE S.A. |
|
|
|
| 2.00%
due 01/17/281 |
EUR 1,300,000 |
|
1,673,183 |
| Itron, Inc. |
|
|
|
| 1.38%
due 07/15/301,3 |
1,493,000 |
|
1,521,084 |
| Salini SpA |
|
|
|
| 4.00%
due 05/30/281 |
EUR 1,100,000 |
|
1,277,552 |
| ZTO Express Cayman, Inc. |
|
|
|
| 1.50%
due 09/01/271 |
1,265,000 |
|
1,213,198 |
| Schneider Electric SE |
|
|
|
| 1.97%
due 11/27/301 |
EUR 900,000 |
|
1,174,362 |
| Safran S.A. |
|
|
|
| due
04/01/281,4 |
4,969** |
|
1,158,386 |
| Rheinmetall AG |
|
|
|
| 2.25%
due 02/07/301 |
EUR 600,000 |
|
1,111,109 |
| Air Transport Services Group, Inc. |
|
|
|
| 3.88%
due 08/15/291,3 |
1,149,000 |
|
1,025,730 |
| Rocket Lab USA, Inc. |
|
|
|
| 4.25%
due 02/01/291,3 |
809,000 |
|
1,018,329 |
| Daifuku Company Ltd. |
|
|
|
| due
09/13/301,4 |
JPY 130,000,000 |
|
934,435 |
| Spirit AeroSystems, Inc. |
|
|
|
| 3.25%
due 11/01/281,3 |
411,000 |
|
580,948 |
| Advanced Energy Industries, Inc. |
|
|
|
| 2.50%
due 09/15/281,3 |
368,000 |
|
399,675 |
| Fluor Corp. |
|
|
|
| 1.13%
due 08/15/291,3 |
286,000 |
|
351,279 |
| Total Industrial |
|
|
17,938,404 |
| Energy - 3.9% |
|
|
|
| Saipem SpA |
|
|
|
| 2.88%
due 09/11/291 |
EUR 2,900,000 |
|
4,186,572 |
| Array Technologies, Inc. |
|
|
|
| 1.00%
due 12/01/281 |
4,294,000 |
|
3,499,450 |
| RAG-Stiftung |
|
|
|
| 1.88%
due 11/16/291 |
EUR 2,400,000 |
|
2,864,592 |
| Nabors Industries, Inc. |
|
|
|
| 1.75%
due 06/15/291 |
3,072,000 |
|
2,544,538 |
| Enphase Energy, Inc. |
|
|
|
| due
03/01/281,4 |
1,161,000 |
|
1,005,339 |
| 0.25%
due 03/01/251 |
610,000 |
|
919,763 |
| Sunnova Energy International, Inc. |
|
|
|
| 2.63%
due 02/15/281 |
1,725,000 |
|
828,000 |
| TPI Composites, Inc. |
|
|
|
| 5.25%
due 03/15/281 |
1,177,000 |
|
667,866 |
| Total Energy |
|
|
16,516,120 |
| Utilities - 1.8% |
|
|
|
| PG&E Corp. |
|
|
|
| 4.25%
due 12/01/271,3 |
3,800,000 |
|
3,924,450 |
| CMS Energy Corp. |
|
|
|
| 3.38%
due 05/01/281 |
1,409,000 |
|
1,442,816 |
| Duke Energy Corp. |
|
|
|
| 4.13%
due 04/15/261 |
1,292,000 |
|
1,334,636 |
| Veolia Environnement S.A. |
|
|
|
| due
01/01/251,4 |
33,052** |
|
1,128,726 |
| Total Utilities |
|
|
7,830,628 |
| Basic Materials - 1.5% |
|
|
|
| Gold Pole Capital Company Ltd. |
|
|
|
| 1.00%
due 06/25/291 |
1,600,000 |
|
1,615,200 |
| MP Materials Corp. |
|
|
|
| 3.00%
due 03/01/301,3 |
1,708,000 |
|
1,579,046 |
| SGL Carbon SE |
|
|
|
| 5.75%
due 09/21/271 |
EUR 1,000,000 |
|
1,113,839 |
| JFE Holdings |
|
|
|
| due
09/28/281,4 |
JPY 150,000,000 |
|
1,026,851 |
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| |
Face
Amount~ |
|
Value |
| CONVERTIBLE BONDS†† - 69.5% (continued) |
| Basic Materials - 1.5% (continued) |
|
|
|
| Lithium Americas Argentina Corp. |
|
|
|
| 1.75%
due 01/15/271 |
787,000 |
|
$601,071 |
| Nippon Steel Corp. |
|
|
|
| due
10/05/261,4 |
JPY 50,000,000 |
|
442,975 |
| Total Basic Materials |
|
|
6,378,982 |
| Total Convertible Bonds |
|
|
| (Cost $287,594,185) |
|
295,436,594 |
| CORPORATE BONDS†† - 67.6% |
| Consumer, Non-cyclical - 16.5% |
|
|
|
| Mobius Merger Sub, Inc. |
|
|
|
| 9.00%
due 06/01/301,3 |
3,131,000 |
|
3,099,892 |
| Edgewell Personal Care Co. |
|
|
|
| 4.13%
due 04/01/291,3 |
3,264,000 |
|
3,041,245 |
| Land O'Lakes Capital Trust I |
|
|
|
| 7.45%
due 03/15/281,3 |
3,057,000 |
|
2,983,319 |
| Kronos Acquisition Holdings, Inc. |
|
|
|
| 10.75%
due 06/30/321,3 |
1,750,000 |
|
1,699,339 |
| 8.25%
due 06/30/311,3 |
1,245,000 |
|
1,256,483 |
| Kedrion SpA |
|
|
|
| 6.50%
due 09/01/291,3 |
3,142,000 |
|
2,910,646 |
| Pediatrix Medical Group, Inc. |
|
|
|
| 5.38%
due 02/15/301,3 |
3,117,000 |
|
2,838,506 |
| Tenet Healthcare Corp. |
|
|
|
| 4.38%
due 01/15/301 |
2,985,000 |
|
2,804,196 |
| TriNet Group, Inc. |
|
|
|
| 3.50%
due 03/01/291,3 |
3,077,000 |
|
2,790,554 |
| Encompass Health Corp. |
|
|
|
| 4.63%
due 04/01/311 |
2,862,000 |
|
2,669,746 |
| Adtalem Global Education, Inc. |
|
|
|
| 5.50%
due 03/01/281,3 |
2,669,000 |
|
2,596,656 |
| Service Corporation International |
|
|
|
| 3.38%
due 08/15/301 |
2,686,000 |
|
2,374,271 |
| Organon & Company / Organon Foreign Debt Co-Issuer
BV |
|
|
|
| 5.13%
due 04/30/311,3 |
2,565,000 |
|
2,360,858 |
| Prestige Brands, Inc. |
|
|
|
| 3.75%
due 04/01/311,3 |
2,668,000 |
|
2,354,470 |
| Endo Finance Holdings, Inc. |
|
|
|
| 8.50%
due 04/15/311,3 |
2,117,000 |
|
2,234,228 |
| Teva Pharmaceutical Finance Netherlands III BV |
|
|
|
| 6.75%
due 03/01/281 |
2,145,000 |
|
2,203,747 |
| Varex Imaging Corp. |
|
|
|
| 7.88%
due 10/15/271,3 |
2,094,000 |
|
2,127,098 |
| Geo Group, Inc. |
|
|
|
| 8.63%
due 04/15/291 |
1,983,000 |
|
2,066,567 |
| Brink's Co. |
|
|
|
| 6.75%
due 06/15/321,3 |
1,993,000 |
|
2,033,111 |
| Central Garden & Pet Co. |
|
|
|
| 4.13%
due 04/30/311,3 |
2,193,000 |
|
1,959,006 |
| Coty Incorporated/HFC Prestige Products Inc/HFC Prestige
International US LLC |
|
|
|
| 4.75%
due 01/15/291,3 |
2,027,000 |
|
1,940,057 |
| AMN Healthcare, Inc. |
|
|
|
| 4.63%
due 10/01/271,3 |
2,005,000 |
|
1,930,505 |
| VM Consolidated, Inc. |
|
|
|
| 5.50%
due 04/15/291,3 |
1,985,000 |
|
1,924,062 |
| AdaptHealth LLC |
|
|
|
| 5.13%
due 03/01/301,3 |
2,090,000 |
|
1,869,807 |
| CHS/Community Health Systems, Inc. |
|
|
|
| 5.25%
due 05/15/301,3 |
2,108,000 |
|
1,840,394 |
| HLF Financing Sarl LLC / Herbalife International, Inc. |
|
|
|
| 12.25%
due 04/15/291,3 |
1,747,000 |
|
1,752,615 |
| LifePoint Health, Inc. |
|
|
|
| 9.88%
due 08/15/301,3 |
1,540,000 |
|
1,680,185 |
| B&G Foods, Inc. |
|
|
|
| 8.00%
due 09/15/281,3 |
1,500,000 |
|
1,530,136 |
| ModivCare Escrow Issuer, Inc. |
|
|
|
| 5.00%
due 10/01/291,3 |
2,205,000 |
|
1,494,007 |
| Cimpress plc |
|
|
|
| 7.00%
due 06/15/261 |
1,485,000 |
|
1,486,344 |
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| CORPORATE BONDS†† - 67.6% (continued) |
| Consumer, Non-cyclical
- 16.5% (continued) |
|
|
|
| Triton Water Holdings, Inc. |
|
|
|
| 6.25%
due 04/01/291,3 |
1,495,000 |
|
$ 1,450,075 |
| United Natural Foods, Inc. |
|
|
|
| 6.75%
due 10/15/281,3 |
1,494,000 |
|
1,366,366 |
| MPH Acquisition Holdings LLC |
|
|
|
| 5.50%
due 09/01/281,3 |
1,679,000 |
|
1,312,650 |
| Total Consumer, Non-cyclical |
|
|
69,981,141 |
| Communications - 11.9% |
|
|
|
| Rakuten Group, Inc. |
|
|
|
| 11.25%
due 02/15/271,3 |
3,667,000 |
|
3,965,516 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |
|
|
|
| 4.75%
due 03/01/301,3 |
3,750,000 |
|
3,356,565 |
| Urban One, Inc. |
|
|
|
| 7.38%
due 02/01/281,3 |
4,052,000 |
|
3,096,476 |
| News Corp. |
|
|
|
| 5.13%
due 02/15/321,3 |
3,242,000 |
|
3,081,498 |
| Directv Financing LLC / Directv Financing Company-Obligor,
Inc. |
|
|
|
| 5.88%
due 08/15/271,3 |
3,100,000 |
|
2,989,447 |
| Stagwell Global LLC |
|
|
|
| 5.63%
due 08/15/291,3 |
3,025,000 |
|
2,848,368 |
| Sirius XM Radio, Inc. |
|
|
|
| 4.00%
due 07/15/281,3 |
3,068,000 |
|
2,814,346 |
| Viasat, Inc. |
|
|
|
| 5.63%
due 04/15/271,3 |
1,513,000 |
|
1,421,730 |
| 7.50%
due 05/30/311,3 |
1,754,000 |
|
1,290,297 |
| Match Group Holdings II LLC |
|
|
|
| 4.13%
due 08/01/301,3 |
2,964,000 |
|
2,663,933 |
| Ciena Corp. |
|
|
|
| 4.00%
due 01/31/301,3 |
2,478,000 |
|
2,276,714 |
| Nexstar Media, Inc. |
|
|
|
| 4.75%
due 11/01/281,3 |
2,450,000 |
|
2,254,349 |
| Acuris Finance US Incorporated / Acuris Finance SARL |
|
|
|
| 9.00%
due 08/01/293 |
2,000,000 |
|
2,025,000 |
| Vmed O2 UK Financing I plc |
|
|
|
| 7.75%
due 04/15/321,3 |
2,007,000 |
|
2,002,453 |
| Frontier Communications Holdings LLC |
|
|
|
| 6.00%
due 01/15/301,3 |
1,995,000 |
|
1,801,379 |
| Intelsat Jackson Holdings S.A. |
|
|
|
| 6.50%
due 03/15/301,3 |
1,881,000 |
|
1,792,766 |
| Cable One, Inc. |
|
|
|
| 4.00%
due 11/15/301,3 |
2,141,000 |
|
1,645,342 |
| Cablevision Lightpath LLC |
|
|
|
| 5.63%
due 09/15/281,3 |
1,914,000 |
|
1,626,581 |
| Level 3 Financing, Inc. |
|
|
|
| 10.75%
due 12/15/301,3 |
1,502,000 |
|
1,560,353 |
| McGraw-Hill Education, Inc. |
|
|
|
| 8.00%
due 08/01/291,3 |
1,527,000 |
|
1,489,855 |
| DISH Network Corp. |
|
|
|
| 11.75%
due 11/15/271,3 |
1,339,000 |
|
1,340,635 |
| CSC Holdings LLC |
|
|
|
| 4.13%
due 12/01/301,3 |
1,554,000 |
|
1,071,017 |
| Charter Communications Operating LLC / Charter Communications
Operating Capital |
|
|
|
| 3.50%
due 06/01/411 |
1,494,000 |
|
1,032,654 |
| Scripps Escrow II, Inc. |
|
|
|
| 3.88%
due 01/15/291,3 |
1,504,000 |
|
979,125 |
| Total Communications |
|
|
50,426,399 |
| Consumer, Cyclical - 10.8% |
|
|
|
| NCL Corporation Ltd. |
|
|
|
| 8.38%
due 02/01/281,3 |
2,972,000 |
|
3,129,638 |
| Kohl's Corp. |
|
|
|
| 4.63%
due 05/01/311 |
1,982,000 |
|
1,612,232 |
| 4.25%
due 07/17/251 |
1,485,000 |
|
1,449,661 |
| Life Time, Inc. |
|
|
|
| 5.75%
due 01/15/261,3 |
3,008,000 |
|
2,998,602 |
| United Airlines, Inc. |
|
|
|
| 4.38%
due 04/15/261,3 |
2,972,000 |
|
2,899,334 |
| Verde Purchaser LLC |
|
|
|
| 10.50%
due 11/30/301,3 |
2,525,000 |
|
2,686,896 |
| SeaWorld Parks & Entertainment, Inc. |
|
|
|
| 5.25%
due 08/15/291,3 |
2,687,000 |
|
2,561,531 |
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| |
Face
Amount~ |
|
Value |
| CORPORATE BONDS†† - 67.6% (continued) |
| Consumer, Cyclical - 10.8%
(continued) |
|
|
|
| Nissan Motor Acceptance Company LLC |
|
|
|
| 2.00%
due 03/09/261,3 |
2,668,000 |
|
$ 2,515,874 |
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand
Vacations Borrower Esc |
|
|
|
| 4.88%
due 07/01/311,3 |
1,525,000 |
|
1,373,722 |
| 6.63%
due 01/15/321,3 |
1,029,000 |
|
1,039,757 |
| Bath & Body Works, Inc. |
|
|
|
| 6.88%
due 11/01/351 |
2,336,000 |
|
2,368,797 |
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. |
|
|
|
| 5.88%
due 04/01/291,3 |
2,501,000 |
|
2,329,133 |
| Phinia, Inc. |
|
|
|
| 6.75%
due 04/15/291,3 |
2,050,000 |
|
2,093,561 |
| Victra Holdings LLC / Victra Finance Corp. |
|
|
|
| 7.75%
due 02/15/261,3 |
2,014,000 |
|
2,020,402 |
| Live Nation Entertainment, Inc. |
|
|
|
| 3.75%
due 01/15/281,3 |
2,139,000 |
|
2,017,965 |
| QVC, Inc. |
|
|
|
| 4.45%
due 02/15/251 |
1,982,000 |
|
1,961,645 |
| Kontoor Brands, Inc. |
|
|
|
| 4.13%
due 11/15/291,3 |
2,005,000 |
|
1,843,343 |
| Victoria's Secret & Co. |
|
|
|
| 4.63%
due 07/15/291,3 |
2,169,000 |
|
1,801,082 |
| Sands China Ltd. |
|
|
|
| 5.40%
due 08/08/281 |
1,617,000 |
|
1,594,797 |
| Hawaiian Brand Intellectual Property Limited / HawaiianMiles
Loyalty Ltd |
|
|
|
| 11.00%
due 04/15/293 |
1,650,000 |
|
1,574,983 |
| Carnival Holdings Bermuda Ltd. |
|
|
|
| 10.38%
due 05/01/281,3 |
1,348,000 |
|
1,457,976 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance
Company, Inc. |
|
|
|
| 6.75%
due 01/15/301,3 |
1,615,000 |
|
1,434,024 |
| Macy's Retail Holdings LLC |
|
|
|
| 5.88%
due 04/01/291,3 |
1,366,000 |
|
1,335,379 |
| Total Consumer, Cyclical |
|
|
46,100,334 |
| Energy - 9.9% |
|
|
|
| Venture Global LNG, Inc. |
|
|
|
| 8.38%
due 06/01/311,3 |
2,936,000 |
|
3,082,172 |
| Tallgrass Energy Partners Limited Partnership / Tallgrass
Energy Finance Corp. |
|
|
|
| 7.38%
due 02/15/291,3 |
2,806,000 |
|
2,843,286 |
| Civitas Resources, Inc. |
|
|
|
| 8.75%
due 07/01/311,3 |
2,638,000 |
|
2,840,121 |
| CNX Resources Corp. |
|
|
|
| 7.38%
due 01/15/311,3 |
2,411,000 |
|
2,488,943 |
| Hilcorp Energy I Limited Partnership / Hilcorp Finance
Co. |
|
|
|
| 6.25%
due 04/15/321,3 |
2,535,000 |
|
2,466,423 |
| Martin Midstream Partners Limited Partnership / Martin
Midstream Finance Corp. |
|
|
|
| 11.50%
due 02/15/281,3 |
2,145,000 |
|
2,351,903 |
| Parkland Corp. |
|
|
|
| 4.63%
due 05/01/301,3 |
2,512,000 |
|
2,336,756 |
| Harvest Midstream I, LP |
|
|
|
| 7.50%
due 09/01/281,3 |
2,162,000 |
|
2,215,678 |
| Howard Midstream Energy Partners LLC |
|
|
|
| 7.38%
due 07/15/321,3 |
2,118,000 |
|
2,183,309 |
| Nabors Industries, Inc. |
|
|
|
| 9.13%
due 01/31/301,3 |
2,000,000 |
|
2,137,988 |
| Alliance Resource Operating Partners Limited Partnership
/ Alliance Resource Finance Corp. |
|
|
|
| 8.63%
due 06/15/291,3 |
1,992,000 |
|
2,095,540 |
| New Fortress Energy, Inc. |
|
|
|
| 6.50%
due 09/30/261,3 |
1,119,000 |
|
1,039,951 |
| 6.75%
due 09/15/251,3 |
1,038,000 |
|
1,023,383 |
| Borr IHC Limited / Borr Finance LLC |
|
|
|
| 10.38%
due 11/15/301,3 |
1,941,699 |
|
2,050,191 |
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| |
Face
Amount~ |
|
Value |
| CORPORATE BONDS†† - 67.6% (continued) |
| Energy - 9.9% (continued) |
|
|
|
| Genesis Energy Limited Partnership
/ Genesis Energy Finance Corp. |
|
|
|
| 7.88%
due 05/15/321 |
1,993,000 |
|
$2,034,034 |
| Vermilion Energy, Inc. |
|
|
|
| 6.88%
due 05/01/301,3 |
1,957,000 |
|
1,953,065 |
| Aethon United BR Limited Partnership / Aethon United
Finance Corp. |
|
|
|
| 8.25%
due 02/15/261,3 |
1,861,000 |
|
1,886,665 |
| Southwestern Energy Co. |
|
|
|
| 5.38%
due 03/15/301 |
1,920,000 |
|
1,871,657 |
| Northern Oil and Gas, Inc. |
|
|
|
| 8.75%
due 06/15/311,3 |
1,542,000 |
|
1,625,521 |
| Calumet Specialty Products Partners Limited Partnership
/ Calumet Finance Corp. |
|
|
|
| 9.75%
due 07/15/281,3 |
1,651,000 |
|
1,515,434 |
| Total Energy |
|
|
42,042,020 |
| Technology - 7.0% |
|
|
|
| Playtika Holding Corp. |
|
|
|
| 4.25%
due 03/15/291,3 |
3,013,000 |
|
2,679,814 |
| Rocket Software, Inc. |
|
|
|
| 9.00%
due 11/28/281,3 |
1,497,000 |
|
1,541,730 |
| 6.50%
due 02/15/291,3 |
1,239,000 |
|
1,117,488 |
| ASGN, Inc. |
|
|
|
| 4.63%
due 05/15/281,3 |
2,683,000 |
|
2,570,023 |
| NCR Atleos Corp. |
|
|
|
| 9.50%
due 04/01/291,3 |
2,306,000 |
|
2,519,282 |
| Open Text Corp. |
|
|
|
| 3.88%
due 12/01/291,3 |
2,668,000 |
|
2,424,504 |
| Consensus Cloud Solutions, Inc. |
|
|
|
| 6.50%
due 10/15/281,3 |
2,500,000 |
|
2,414,126 |
| McAfee Corp. |
|
|
|
| 7.38%
due 02/15/301,3 |
2,390,000 |
|
2,231,186 |
| Ahead DB Holdings LLC |
|
|
|
| 6.63%
due 05/01/281,3 |
2,342,000 |
|
2,229,868 |
| Dye & Durham Ltd. |
|
|
|
| 8.63%
due 04/15/291,3 |
1,997,000 |
|
2,044,205 |
| Seagate HDD Cayman |
|
|
|
| 5.75%
due 12/01/341 |
2,065,000 |
|
2,020,536 |
| Western Digital Corp. |
|
|
|
| 2.85%
due 02/01/291 |
2,052,000 |
|
1,812,344 |
| NCR Voyix Corp. |
|
|
|
| 5.13%
due 04/15/291,3 |
1,627,000 |
|
1,553,798 |
| Central Parent LLC / CDK Global II LLC / CDK Financing
Company, Inc. |
|
|
|
| 8.00%
due 06/15/291,3 |
1,495,000 |
|
1,530,675 |
| Amentum Escrow Corp. |
|
|
|
| 7.25%
due 08/01/323 |
1,000,000 |
|
1,023,839 |
| Total Technology |
|
|
29,713,418 |
| Financial - 5.6% |
|
|
|
| Iron Mountain, Inc. |
|
|
|
| 4.88%
due 09/15/271,3 |
2,527,000 |
|
2,469,473 |
| 4.50%
due 02/15/311,3 |
1,495,000 |
|
1,375,375 |
| Freedom Mortgage Corp. |
|
|
|
| 12.25%
due 10/01/301,3 |
1,536,000 |
|
1,685,239 |
| 7.63%
due 05/01/261,3 |
1,536,000 |
|
1,539,046 |
| OneMain Finance Corp. |
|
|
|
| 7.13%
due 03/15/261 |
3,127,000 |
|
3,182,148 |
| Enova International, Inc. |
|
|
|
| 11.25%
due 12/15/281,3 |
2,042,000 |
|
2,201,881 |
| 9.13%
due 08/01/293 |
500,000 |
|
504,415 |
| Uniti Group Limited Partnership / Uniti Group Finance
Incorporated / CSL Capital LLC |
|
|
|
| 10.50%
due 02/15/281,3 |
2,542,000 |
|
2,568,208 |
| PRA Group, Inc. |
|
|
|
| 5.00%
due 10/01/291,3 |
2,842,000 |
|
2,527,244 |
| Aretec Group, Inc. |
|
|
|
| 7.50%
due 04/01/291,3 |
1,262,000 |
|
1,195,175 |
| 10.00%
due 08/15/301,3 |
1,001,000 |
|
1,068,540 |
| AG TTMT Escrow Issuer LLC |
|
|
|
| 8.63%
due 09/30/271,3 |
1,982,000 |
|
2,021,017 |
| Armor Holdco, Inc. |
|
|
|
| 8.50%
due 11/15/291,3 |
1,741,000 |
|
1,665,005 |
| Total Financial |
|
|
24,002,766 |
| Basic Materials - 3.1% |
|
|
|
| Mineral Resources Ltd. |
|
|
|
| 9.25%
due 10/01/281,3 |
2,558,000 |
|
2,719,852 |
| |
Face
Amount~ |
|
Value |
| CORPORATE BONDS†† - 67.6% (continued) |
| Basic Materials - 3.1% (continued) |
|
|
|
| FMG Resources August 2006 Pty Ltd. |
|
|
|
| 4.38%
due 04/01/311,3 |
2,942,000 |
|
$ 2,662,476 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |
|
|
|
| 9.00%
due 07/01/281,3 |
2,272,000 |
|
2,281,413 |
| WE Soda Investments Holding plc |
|
|
|
| 9.38%
due 02/14/311,3 |
2,001,000 |
|
2,065,407 |
| Ingevity Corp. |
|
|
|
| 3.88%
due 11/01/281,3 |
2,118,000 |
|
1,940,630 |
| Chemours Co. |
|
|
|
| 4.63%
due 11/15/291,3 |
1,503,000 |
|
1,318,075 |
| Total Basic Materials |
|
|
12,987,853 |
| Industrial - 1.9% |
|
|
|
| Energizer Holdings, Inc. |
|
|
|
| 4.38%
due 03/31/291,3 |
2,917,000 |
|
2,694,989 |
| Fortress Transportation and Infrastructure Investors
LLC |
|
|
|
| 7.00%
due 06/15/321,3 |
1,992,000 |
|
2,054,515 |
| Rand Parent LLC |
|
|
|
| 8.50%
due 02/15/301,3 |
1,981,000 |
|
1,960,935 |
| Cornerstone Building Brands, Inc. |
|
|
|
| 9.50%
due 08/15/293 |
1,500,000 |
|
1,503,750 |
| Total Industrial |
|
|
8,214,189 |
| Utilities - 0.9% |
|
|
|
| NRG Energy, Inc. |
|
|
|
| 5.25%
due 06/15/291,3 |
3,800,000 |
|
3,687,649 |
| Total Corporate Bonds |
|
|
| (Cost $284,431,125) |
|
287,155,769 |
| ASSET-BACKED SECURITIES†† - 9.7% |
| Collaterized Loan Obligations - 9.7% |
|
|
|
| 720 East CLO Ltd. |
|
|
|
| 2023-IA,
11.15% (3 Month Term SOFR + 5.85%, Rate Floor: 5.85%) due 04/15/36◊,1,3 |
4,000,000 |
|
4,104,336 |
| Dryden 49 Senior Loan Fund |
|
|
|
| 2021-49A,
8.94% (3 Month Term SOFR + 3.66%, Rate Floor: 3.40%) due 07/18/30◊,1,3 |
4,000,000 |
|
4,000,352 |
| Park Blue CLO Ltd. |
|
|
|
| 2023-3A,
10.68% (3 Month Term SOFR + 5.40%, Rate Floor: 5.40%) due 04/20/36◊,1,3 |
3,400,000 |
|
3,485,313 |
| Galaxy 31 CLO Ltd. |
|
|
|
| 2023-31A,
10.55% (3 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 04/15/36◊,1,3 |
3,400,000 |
|
3,467,925 |
| Barrow Hanley CLO I Ltd. |
|
|
|
| 2023-1A,
11.44% (3 Month Term SOFR + 6.16%, Rate Floor: 6.16%) due 04/20/35◊,1,3 |
3,000,000 |
|
3,032,544 |
| 1988 CLO 2 Ltd. |
|
|
|
| 2023-2A,
11.70% (3 Month Term SOFR + 6.40%, Rate Floor: 6.40%) due 04/15/38◊,1,3 |
3,000,000 |
|
3,028,941 |
| Pikes Peak CLO 15 2023 Ltd. |
|
|
|
| 2023-15A,
9.73% (3 Month Term SOFR + 4.45%, Rate Floor: 4.45%) due 10/20/36◊,1,3 |
3,000,000 |
|
3,013,989 |
| Fortress Credit BSL Ltd. |
|
|
|
| 2023-1A,
11.45% (3 Month Term SOFR + 6.17%, Rate Floor: 6.17%) due 04/23/36◊,1,3 |
3,000,000 |
|
3,013,482 |
| Invesco US CLO Ltd. |
|
|
|
| 2023-2A,
10.23% (3 Month Term SOFR + 4.95%, Rate Floor: 4.95%) due 04/21/36◊,1,3 |
2,750,000 |
|
2,806,353 |
| Parallel Ltd. |
|
|
|
| 2023-1A,
11.45% (3 Month Term SOFR + 6.17%, Rate Floor: 6.17%) due 07/20/36◊,1,3 |
2,500,000 |
|
2,598,330 |
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| ASSET-BACKED SECURITIES†† - 9.7% (continued) |
| Collaterized Loan Obligations - 9.7% (continued) |
|
|
| OZLM XXIV Ltd. |
|
|
|
| 2021-24A,
8.94% (3 Month Term SOFR + 3.66%, Rate Floor: 3.66%) due 07/20/32◊,1,3 |
2,500,000 |
|
$2,502,487 |
| Sound Point CLO XXVII Ltd. |
|
|
|
| 2021-2A,
8.90% (3 Month Term SOFR + 3.61%, Rate Floor: 3.61%) due 10/25/34◊,1,3 |
2,500,000 |
|
2,501,203 |
| Katayma CLO I Ltd. |
|
|
|
| 2023-1A,
10.53% (3 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 10/20/36◊,3 |
2,000,000 |
|
2,061,638 |
| Empower CLO Ltd. |
|
|
|
| 2023-2A,
10.70% (3 Month Term SOFR + 5.40%, Rate Floor: 5.40%) due 07/15/36◊,1,3 |
1,500,000 |
|
1,554,288 |
| Total Collaterized
Loan Obligations |
|
|
41,171,181 |
| Total Asset-Backed Securities |
|
|
| (Cost $39,948,093) |
|
41,171,181 |
| SENIOR FLOATING RATE INTERESTS††,◊
- 2.7% |
| Consumer, Cyclical - 1.3% |
|
|
|
| Alterra Mountain Co. |
|
|
|
| 8.59%
(1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/17/28 |
2,728,400 |
|
2,738,631 |
| Staples, Inc. |
|
|
|
| 10.99%
(3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 09/10/29 |
1,994,000 |
|
1,851,928 |
| American Greetings Corp. |
|
|
|
| 11.09%
(1 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 10/30/29 |
995,000 |
|
1,000,597 |
| Total Consumer, Cyclical |
|
|
5,591,156 |
| Technology - 0.7% |
|
|
|
| Boxer Parent Company, Inc. |
|
|
|
| 9.09%
(1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 12/29/28 |
2,000,000 |
|
1,989,376 |
| SS&C Technologies, Inc. |
|
|
|
| 7.34%
(1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/09/31 |
956,036 |
|
959,252 |
| Total Technology |
|
|
2,948,628 |
| Industrial - 0.7% |
|
|
|
| TransDigm, Inc. |
|
|
|
| 7.99%
(3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/24/28 |
2,897,101 |
|
2,904,344 |
| Total Senior Floating Rate Interests |
|
|
| (Cost $11,436,653) |
|
11,444,128 |
| Total Investments - 173.8% |
|
|
| (Cost $720,451,402) |
|
$
738,462,593 |
| |
Contracts |
|
|
| LISTED OPTIONS WRITTEN† - (0.0)% |
| Call Options on: |
|
|
|
| Equity Options |
|
|
|
General Electric Co.
Expiring August 2024 with strike price of $180.00 (Notional Value $2,160,000) |
120 |
|
$ (14,760 ) |
Chubb Ltd.
Expiring September 2024 with strike price of $280.00 (Notional Value $2,240,000) |
80 |
|
(49,600 ) |
| Total Listed Options Written |
|
|
| (Premiums received $73,906) |
|
|
(64,360 ) |
| Other Assets & Liabilities, net -
(73.8)% |
(313,600,739 ) |
| Total Net Assets - 100.0% |
|
$ 424,797,494 |
| |
|
|
|
| Advent
Convertible and Income Fund |
|
| SCHEDULE
OF INVESTMENTS (Unaudited) |
July
31, 2024 |
| Forward Foreign Currency Exchange Contracts†† |
|
|
| Counterparty |
Currency |
Type |
Quantity |
Contract
Amount |
Settlement
Date |
Unrealized
Appreciation (Depreciation) |
| Bank of New York Mellon |
EUR |
Buy |
6,366,937 |
6,851,308 USD |
09/13/24 |
$52,978 |
| Bank of New York Mellon |
JPY |
Buy |
175,863,600 |
1,144,679 USD |
09/13/24 |
32,061 |
| Bank of New York Mellon |
AUD |
Sell |
1,800,000 |
1,181,239 USD |
09/13/24 |
4,479 |
| Bank of New York Mellon |
HKD |
Sell |
15,096,458 |
1,937,208 USD |
09/13/24 |
2,167 |
| Bank of New York Mellon |
CHF |
Buy |
25,106 |
28,304 USD |
09/13/24 |
373 |
| Bank of New York Mellon |
EUR |
Sell |
35,151,552 |
37,887,114 USD |
09/13/24 |
(231,120) |
| Bank of New York Mellon |
JPY |
Sell |
1,212,349,350 |
7,843,562 USD |
09/13/24 |
(268,524) |
| |
|
|
|
|
|
$(407,586) |
| ~ |
The face
amount is denominated in U.S. dollars unless otherwise indicated. |
| * |
Non-income producing
security. |
**
*** |
Represents shares.
A copy of each underlying
unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † |
Value determined based
on Level 1 inputs — See Note 3. |
| †† |
Value determined based
on Level 2 inputs — See Note 3. |
| ◊ |
Variable rate security.
Rate indicated is the rate effective at July 31, 2024. In some instances, the effective rate is limited by a minimum rate floor or
a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In
some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying
reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 |
All or a portion of
these securities have been physically segregated in connection with the borrowings and reverse repurchase agreements. As of July
31, 2024, the total value of securities segregated was $698,650,761. |
| 2 |
Rate indicated is the
7-day yield as of July 31, 2024. |
| 3 |
Security is a 144A
or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of
Trustees. The total market value of 144A or Section 4(a)(2) securities is $395,422,350 (cost $392,027,957), or 93.1% of
total net assets. |
| 4 |
Zero coupon rate security. |
| 5 |
Security represents cover for outstanding options written. |
| |
AUD — Australian Dollar |
| |
CHF — Swiss Franc |
| |
EUR — Euro |
| |
HKD — Hong Kong Dollar |
| |
JPY — Japanese Yen |
| |
LLC — Limited Liability Company |
| |
plc — Public Limited Company |
| |
SARL — Société à
Responsabilité Limitée |
| |
SOFR — Secured Overnight Financing Rate
|
| |
| See
Sector Classification in Other Information section. |
| |
| The following
table summarizes the inputs used to value the Fund's investments at July 31, 2024 (See Note 3 in the Notes to Schedule of Investments): |
| |
| Investments
in Securities (Assets) |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
|
Total
|
| Common Stocks |
$ 55,240,330 |
$ — |
$ — |
|
$ 55,240,330 |
| Convertible Preferred Stocks |
23,137,148 |
— |
— |
|
23,137,148 |
| Money Market Fund |
24,877,443 |
— |
— |
|
24,877,443 |
| Convertible Bonds |
— |
295,436,594 |
— |
|
295,436,594 |
| Corporate Bonds |
— |
287,155,769 |
— |
|
287,155,769 |
| Asset-Backed Securities |
— |
41,171,181 |
— |
|
41,171,181 |
| Senior Floating Rate Interests |
— |
11,444,128 |
— |
|
11,444,128 |
| Forward Foreign Currency Exchange Contracts** |
— |
92,058 |
— |
|
92,058 |
| Total
Assets |
$
103,254,921 |
$
635,299,730 |
$ — |
|
$
738,554,651 |
| |
|
|
|
|
|
| Investments
in Securities (Liabilities) |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
|
Total
|
| Options Written |
$ 64,360 |
$ — |
$ — |
|
$ 64,360 |
| Forward Foreign Currency Exchange Contracts** |
— |
499,644 |
— |
|
499,644 |
| Total
Liabilities |
$
64,360 |
$
499,644 |
$ — |
|
$
564,004 |
| |
|
|
|
|
** This derivative is
reported as unrealized appreciation/depreciation at period end.
|
| Please refer to the detailed Schedule of
Investments for the breakdown of investments by industry category. |
| |
| The Fund may hold assets and/or liabilities
in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase
agreements of $182,025,083 are categorized as Level 2 within the disclosure hierarchy — See Note 2. |
The Fund did not hold
any Level 3 securities during the period ended July 31, 2024.
| NOTES
TO SCHEDULE OF INVESTMENTS (Unaudited) |
July
31, 2024 |
Note 1 – Organization
and Significant Accounting Policies
Organization
Advent Convertible and Income
Fund (the “Fund”) was organized as a Delaware statutory trust on February 19, 2003. The Fund is registered as a diversified,
closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).
The Fund’s investment
objective is to provide total return through a combination of capital appreciation and current income. The Fund pursues its investment
objective by investing at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income
producing securities.
For information on the Fund’s
policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual
or annual shareholder report.
Significant Accounting
Policies
The Fund operates as
an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant
accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently
followed by the Fund. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities,
contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
(a) Valuation of Investments
The Board of Trustees of
the Fund (the “Board”) adopted policies and procedures for the valuation of the Fund's investments (the “Fund
Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements
for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the
1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.
Pursuant to Rule 2a-5, the
Board has designated Advent Capital Management, LLC (“Advent” or the “Adviser”) as the valuation designee to perform fair valuation determinations for the Fund with respect to all
Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures
(the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the "Valuation Procedures")
reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee,
utilizes the assistance of a valuation committee, (the “Valuation Committee”), in determining the fair value of the Fund's securities
and other assets.
Valuations of the Fund's securities
and other assets are supplied primarily by pricing service providers appointed pursuant to the processes set forth in the Valuation Procedures.
The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation
of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation
Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing service provider.
If the pricing service provider
cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair
valued by the Adviser.
Securities
listed on an exchange or on an over-the-counter market will be valued at the last reported sale price on the primary exchange or
market on which they are traded; provided, however, that securities listed on the National Association of Securities Dealers
Automated Quotations (“NASDAQ”) National Market system will be valued at the NASDAQ official closing price, which may
not necessarily represent the last sale price.
Equity securities that are
traded on an exchange or on the over-the-counter (“OTC”) market and for which there are no transactions on a given day are
valued at the mean of the closing bid and asked prices.
Open-end
investment companies are valued at their net asset value (“NAV”) as of the close of business, on the valuation date.
Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.
| NOTES
TO SCHEDULE OF INVESTMENTS (Unaudited) |
July
31, 2024 |
Generally,
trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock
Exchange (“NYSE”). The values of foreign securities are determined as of the close of such foreign markets or the close
of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign
currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks
not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking
into consideration certain factors which may include those discussed above, as well as the following factors, among others: the
value of the securities traded on other foreign markets, American Depositary Receipts. (“ADR”) trading, closed-end fund
trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In
addition, under the Valuation Procedures, the Valuation Committee is authorized to use prices and other information supplied by a
third party pricing vendor in valuing foreign securities.
Commercial paper and discount
notes are valued based on prices provided by independent pricing services or, if not available or if the Adviser considers
that price to not represent fair value, by dealers using the mean of the closing bid and asked prices for such securities or, if such
prices are not available, at prices for securities of comparable maturity, quality and type. If sufficient market activity is limited
or does not exist, the pricing services or dealers may utilize proprietary valuation models which may, for example, consider market characteristics
such as benchmark yield curves, option adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of
principal repayments, underlying collateral, or other unique security features in order to estimate relevant cash flows, which are then
discounted to calculate a security’s fair value. Commercial paper and discount notes with remaining maturities of 60 days or less
at the time of valuation are valued at amortized cost, unless the Investment Adviser concludes that amortized cost does not represent
the fair value of the applicable asset in which case it will be valued using an independent pricing service. Commercial paper and discount
notes which have a term-to-maturity greater than 60 days from the date of purchase are valued at their current market quotations until
maturity or disposition. Convertible securities are valued in the same manner as debt securities.
Repurchase agreements are
generally valued at amortized cost, provided such amounts approximate market value.
Asset-back securities (“ABS”)
and other structured finance securities are generally valued using a pricing service provider.
Typically,
loans are valued using information provided by an independent third party pricing service which use broker quotes, among other
inputs. If the pricing service provider cannot or do not provide a valuation for a particular loan, or such valuation is deemed
unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.
Exchange-traded options
are valued at the closing price, or if not traded that day at the mean of the bid and ask prices on the principal exchange on which they
are traded.
Forward foreign currency
exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.
Investments for which market
quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these
methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination
is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors
may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as
anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.
Note 2 – Derivatives
As part of its investment
strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements
of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1
of these Notes to Schedule of Investments.
Derivatives are instruments
whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies,
commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while
maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction
costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks,
such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to
better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects
on the Fund’s financial position and results of operations.
| NOTES
TO SCHEDULE OF INVESTMENTS (Unaudited) |
July
31, 2024 |
The Fund utilized derivatives
for the following purposes:
Hedge: an investment
made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad
market moves.
Income: the
use of any instrument that distributes cash flows typically based upon some rate of interest.
Options Purchased
and Written
A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation
to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation
to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium
originally paid.
The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases
and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security
decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and
the underlying securities where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or,
for OTC options, a Fund may be at risk because of the counterparty’s inability to perform.
Forward Foreign Currency
Exchange Contracts
A forward foreign
currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future.
Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The
contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign
currencies.
The market value of a forward
foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Fund may be exposed
to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.
In
conjunction with the use of derivative instruments, the Fund is required to maintain collateral in various forms. Depending on the financial
instrument utilized and the broker involved, the Fund uses margin deposits at the broker, cash and/or securities segregated at the custodian
bank, discount notes or repurchase agreements allocated to the Fund as collateral.
The Fund has established
counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or
better. The Fund monitors the counterparty credit risk associated with each such financial institution.
Reverse Repurchase Agreements
The Fund
may enter into reverse repurchase agreements as part of its financial leverage strategy. Under a reverse repurchase agreement, the Fund
temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At
the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such
agreements have the economic effect of borrowings. The Fund may enter into such agreements when it is able to invest the cash acquired
at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement,
any fluctuations in the market value of either the instruments transferred to another party or the instruments in which the proceeds
may be invested would affect the market value of the Fund's assets.
Note 3 – Fair
Value Measurement
In accordance with U.S.
GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an
orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based
on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding
inputs are summarized below:
Level 1 — unadjusted
quoted prices in active markets for identical assets or liabilities.
Level 2 — significant
other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment
speeds, credit risk, etc.).
Level 3 — significant
unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available,
which may include assumptions.
Rule 2a-5 sets forth a definition
of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP.
Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active
markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available
if it is not reliable.”
Securities for which market
quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using
inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors,
such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely
on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the
greatest amount of judgment.
Pricing service
providers are used to value a majority of the Fund’s investments. When values are not available from a pricing service
provider, they will be determined using a variety of sources and techniques, including: market prices; broker quotes; and models
which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs
such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis. A
significant portion of the Fund’s assets and liabilities are categorized as Level 2, as indicated in this
report.
| NOTES
TO SCHEDULE OF INVESTMENTS (Unaudited) |
July
31, 2024 |
The inputs or methodologies
selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in
those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair
valuation are periodically reviewed and subject to change.
Note 4 – Federal
Income Tax Information
The Fund intends to comply
with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable
to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to
relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or
state income tax or federal excise tax is required.
Tax positions taken or expected
to be taken in the course of preparing the Fund’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not”
of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would
be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken, or to be taken,
on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s
financial statements. The Fund’s U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”)
for a period of three years after they are filed.
At July 31, 2024,
the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments
for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which
there was an excess of tax cost over value, were as follows:
| Tax
Cost |
Tax
Unrealized Appreciation |
Tax
Unrealized Depreciation |
Net Tax
Unrealized
Appreciation
(Depreciation) |
| $ 723,302,495 |
$ 30,122,963 |
$ (15,434,811) |
$ 14,688,152 |
Note 5 - Market Risks
The value of,
or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and
loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from
broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes
in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation
rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market
conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies
(such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed
conflicts (such as the escalated conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and
other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other
similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may
react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other
conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held
by the Fund in a different country, geographic region, economy, industry or market because of the
increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or
conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress
in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s
investments and performance of the Fund.
| OTHER
INFORMATION (Unaudited) |
July
31, 2024 |
| |
|
Sector Classification
Information in the Schedule
of Investments is categorized by sectors using sector-level classifications defined by the Bloomberg Industry Classification System,
a widely recognized industry classification system provider. The Fund’s registration statement has investment policies relating
to concentration in specific sectors/industries. For purposes of these investment policies, the Fund usually classifies sectors/industries
based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry
Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.
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